Panoramic Investment Advisors LLC Cuts Stock Position in Abbott Laboratories (NYSE:ABT)

Panoramic Investment Advisors LLC decreased its stake in shares of Abbott Laboratories (NYSE:ABT) by 10.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,829 shares of the healthcare product maker’s stock after selling 2,613 shares during the quarter. Abbott Laboratories makes up 1.9% of Panoramic Investment Advisors LLC’s investment portfolio, making the stock its 14th biggest holding. Panoramic Investment Advisors LLC’s holdings in Abbott Laboratories were worth $2,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of ABT. Signature Resources Capital Management LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at about $29,000. Transcendent Capital Group LLC purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at about $29,000. Richardson Financial Services Inc. purchased a new position in shares of Abbott Laboratories in the 4th quarter valued at about $29,000. True Wealth Design LLC boosted its position in shares of Abbott Laboratories by 1,677.8% in the 4th quarter. True Wealth Design LLC now owns 320 shares of the healthcare product maker’s stock valued at $35,000 after purchasing an additional 302 shares during the period. Finally, Rise Advisors LLC acquired a new stake in shares of Abbott Laboratories in the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 75.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ABT shares. The Goldman Sachs Group started coverage on Abbott Laboratories in a research report on Thursday, May 30th. They issued a “buy” rating and a $121.00 target price for the company. Evercore ISI decreased their target price on Abbott Laboratories from $125.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday. Citigroup decreased their target price on Abbott Laboratories from $128.00 to $119.00 and set a “buy” rating for the company in a research report on Wednesday, May 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $125.00 price objective on shares of Abbott Laboratories in a research report on Tuesday, June 4th. Finally, Raymond James reaffirmed a “buy” rating and set a $124.00 price objective on shares of Abbott Laboratories in a research report on Wednesday, April 24th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Abbott Laboratories has a consensus rating of “Moderate Buy” and a consensus target price of $120.18.

Abbott Laboratories Price Performance

Shares of ABT traded down $0.06 during mid-day trading on Tuesday, hitting $103.14. The company’s stock had a trading volume of 625,069 shares, compared to its average volume of 5,658,355. Abbott Laboratories has a 1-year low of $89.67 and a 1-year high of $121.64. The firm has a market capitalization of $179.43 billion, a P/E ratio of 32.13, a P/E/G ratio of 2.50 and a beta of 0.72. The firm has a 50-day simple moving average of $104.79 and a 200 day simple moving average of $110.12. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.32.

Abbott Laboratories (NYSE:ABT) last released its quarterly earnings data on Wednesday, April 17th. The healthcare product maker reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. Abbott Laboratories had a return on equity of 20.18% and a net margin of 13.96%. The firm had revenue of $9.96 billion during the quarter, compared to the consensus estimate of $9.88 billion. During the same period last year, the business posted $1.03 EPS. Abbott Laboratories’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts predict that Abbott Laboratories will post 4.62 EPS for the current fiscal year.

Abbott Laboratories Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.13%. The ex-dividend date is Monday, July 15th. Abbott Laboratories’s payout ratio is 68.54%.

Insiders Place Their Bets

In other Abbott Laboratories news, EVP Jr. Robert E. Funck sold 10,097 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the completion of the transaction, the executive vice president now owns 211,341 shares of the company’s stock, valued at $22,099,928.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Jr. Robert E. Funck sold 10,097 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $104.57, for a total transaction of $1,055,843.29. Following the sale, the executive vice president now owns 211,341 shares in the company, valued at $22,099,928.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa D. Earnhardt sold 22,852 shares of Abbott Laboratories stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $106.25, for a total value of $2,428,025.00. Following the completion of the transaction, the executive vice president now owns 61,462 shares in the company, valued at approximately $6,530,337.50. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by company insiders.

Abbott Laboratories Profile

Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company provides generic pharmaceuticals for the treatment of pancreatic exocrine insufficiency, irritable bowel syndrome or biliary spasm, intrahepatic cholestasis or depressive symptoms, gynecological disorder, hormone replacement therapy, dyslipidemia, hypertension, hypothyroidism, Ménière's disease and vestibular vertigo, pain, fever, inflammation, and migraine, as well as provides anti-infective clarithromycin, influenza vaccine, and products to regulate physiological rhythm of the colon.